Merger & Acquisition

July 2011

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Personnel and Management Consulting Specializing in Freight Forwarding, Shipping, Transportation & Logistics Established in 2000

All active partners are multi-lingual and have many years of experience as top executives in the above mentioned industry sectors

Core Competencies

Recruitment of executives and specialists Management and strategic consulting Organizing mergers and acquisitions

adi own network in Africa, Asia/ Pacific Region, Europe, North America, South America Our global network is represented in 27 countries, serving 100 countries with over € 9 Mio. turnover July 2011

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Supplemental Information 27 Countries - 50 Offices – 60 Partners Austria Australia Brazil Canada Chile Colombia Czech Republic Finland France Germany Holland Hong Kong India Italy

Japan Korea New Zealand Russia South Africa Spain Sweden Switzerland Thailand Turkey UAE United Kingdom USA

Now serving 100 countries – we‘ll cover your requirements! July 2011

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Supplemental Information Facts and Figures 2009/2010 27 Countries – 50 Offices Group Turnover € 9,6 Mill. No. of Mandates 1.850

July 2011

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Mission To be the premium provider of M&A Assignments to our Freight Forwarding and Logistic Customers through the utilization of our global network of highly experienced, resourceful Partners and Associates. Our unique and personal focus allows us to provide maximum benefit to

EACH CLIENT, EVERY TIME.

July 2011

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Services

Acquisitions, Mergers, Joint Ventures, Alliances We support our customers‘ efforts as their partner

July 2011

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Acquisitions - Mergers - Joint Ventures - Alliances Our USPs We are the market leaders for global strategic M & A solutions in the Transport and Logistics Industry We are the experts in packaging network deals (patchwork) at clients desire adi Consult has the personnel competencies and network of experienced Senior Executives with M&A and Integration experience and proven track records We are present in all strategic areas e.g. Europe, the Americas, and Asia as well as in many secondary markets e.g. South Africa and others July 2011

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Acquisitions - Mergers - Joint Ventures - Alliances Which services does adi Consult offer to its clients

Acting as Pathfinders for Sellers/Buyers

Search for and identify targets

Support Commercial Due Diligence (operational) July 2011

Act as Moderator or Mediator untill Letter of Intent (LoI) is signed

Support Integration Process 8

Acquisitions - Mergers - Joint Ventures - Alliances Negotiation

Evaluation Project Decision

Search Analysis Contacting

Letter of Intent

Goals Alternatives Conditions

Preliminary Decision

Due Diligence Legal Financial Commercial Operational

Integration Final Decision

Personnel Processes Communication

adi Consult – your competent partner for organizing the entire process        

Continuous coaching during all phases (critical, neutral opinion) Extensive network of resources (incl. organizations, media etc.) at top levels Partner companies in all important countries/centers throughout the Americas, Europe, and Asia Excellent market reputation as a competent and trustworthy consulting partner Highly efficient (time, money, quality) during all search and selection processes Up to date Know How of markets (participants, competition, trends, co-operations etc.) Assessment-Tools and Know How for evaluating the management of acquisition targets Experienced in most delicate integration processes

July 2011

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Acquisitions - Mergers - Joint Ventures - Alliances Market Specialists

Financial & Legal Experts

Specific Know How in regards to Market, Competition, Trends, Developments, Products, Production, KPIs, Human Capital etc.

adi Consult

Specific Know How in regards to legal questions, contract issues, tax, financing etc.

Weighting

Strategic Aspects Profile Definition of Acquisition Target Market Analysis Identification of Suitable Acquisition Targets Contact Initiation - Anonymous

Lawyers, investment bankers, auditors, tax specialists, etc. Commercial Due Diligence Operational Due Diligence Financial Due Diligence Legal Due Diligence Deal Structure

Confidentiality Agreements

Establishing the Purchase Price

Company Documentation

Contract

Preliminary Discussions

Closing

Letter of Intent

Post Closing Integration

July 2011

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Flow Chart Case Study Client Seller available Compile Datas

Potential Sellers

Visit Seller

Render USP‘s

Arrange Meeting

Close File

Bill

Analyse Market Potential Buyers Check Sources Database

Found 313 Companies

Sample

Sample Sample

Sample 278 potential sellers

Sample

35 international Sample companies

Sample ?? potential buyers

Prepare Teaser 1

July 2011

Positive

LoI

Send to Buyers

Positive

Send to Buyer

Negative

Prepare NDA

Prepare Contract

Sign NDA

Sample

Sample

Bill

Signed

Due Diligence

Data Room

Participate if agreed

Operational only

Positive

Negative

Bill Interest

Send Questionnaire

Negative

Sample

Prepare Email List Buyers

Bill Sign Sales Mandate

Prepare forTeaser 2

Send Teaser 2

Contract

Bill Sample

No Interest

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Acquisitions - Mergers – Reference List

July 2011

Mandate

Year

Mandate Region

Mandate Category Buy/Sell

Buyer/Seller Region

Transaction Value in € Euro

1

2001

Singapore

Buy

Germany and Netherlands

10M

2

2001

Germany

Sell

Germany

20M

3

2002

USA

Buy

Germany

50M

4

2002

Europe

Buy

Germany

5

2002

Mexico

Sell

6

2003

Luxemburg

7

2003

8

Type of Target

Type of Investor

Status

Freight Forwarding Contract Logistics Freight Forwarding

Strategic

Completed

Financial

Completed

Financial

Completed

xx

4PL

Strategic

Withdrawn

Europe

25M

Freight Forwarding

Strategic

Completed

Buy

Germany

12M

Trucking

Strategic

Completed

USA

Buy

Czech Rep.+ Hungary

8M

NVOCC

Strategic

Completed

2003

USA

Buy

USA

13M

Strategic

Completed

9

2004

Italy

Sell

USA

11M

Strategic

Completed

10

2004

Europe

Buy

Belgium + France

19M

Strategic

France completed

11

2005

Sweden

Sell

Sweden

13.8M

Strategic

Completed

12

2005

Sri Lanka

Buy

Germany

8.5M

Strategic

Completed

13

2005

Germany

Sell

Switzerland

11.2M

Strategic

Completed

14

2005

Luxemburg

Sell

Luxemburg

28.5M

Financial

Completed

Freight Forwarding Freight Forwarding Freight Forwarding Freight Forwarding Ocean Freight Freight Forwarding Freight Forwarding

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Acquisitions - Mergers – Reference List

July 2011

Mandate

Year

Mandate Region

Mandate Category Buy/Sell

Buyer/Seller Region

Transaction Value in € Euro

15

2006

India

Sell

Belgium

6.2M

16

2006

USA

Buy

Europe

10M

17

2006-2007

Brazil

Sell

Middle East

11M

18

2006-2007

UK/Nigeria

Sell

Netherlands

19

2006-2007

Thailand

Sell

20

2006-2007

Czech Republic

21

2006-2007

22

Type of Target

Type of Investor

Status

Strategic

Completed

Strategic

Completed

Oil+Gaz

Strategic

Ongoing

approx. 20M

Oil+Gaz

Strategic

on hold

Singapore

approx.8M

NVOCC

Strategic

on hold

Sell

Middle East

40M

Brazil

Sell

Germany

xx

2006-2007

France

Buy

Germany

30-35M

23

2008

China

Sell

Switzerland

24

2008

Bangladesh

Sell

25

2008

Chile

26

2009

27

Freight Forwarding Air Cargo Handling

Freight Forwarding Freight Forwarding Freight Forwarding

Strategic

Completed

Strategic

withdrawn

Strategic

Ongoing

50-60M

NVOCC

Strategic

Current

Hong Kong

8.5M

GSA

Strategic

Completed

Sell

USA

9M

Strategic

Completed

Indian Subcontinent

Sell

open

35-40M

Strategic

Ongoing

2009

CIS

Sell

open

50-60M

Strategic or Financial

Ongoing

28

2009

Indonesia

Buy

Australia

15-20M

Strategic

Ongoing

29

2009

Germany

Sell

Germany

2.5M

Strategic

Completed

Freight Forwarding Freight Forwarding Freight Forwarding Freight Forwarding GSA

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Acquisitions - Mergers – Reference List

July 2011

Mandate

Year

Mandate Region

Mandate Category Buy/Sell

Transaction Buyer/Seller Value in € Region Euro

30

2009

Global

Buy

Sweden

31

2009

Maghreb States

Buy

32

2009

UAE

33

2009

34

Type of Target

Type of Investor

Status

upto 250M

Freight Forwarding

Financial

Final stage

Switzerland

upto 40M

Air+Ocean

Strategic

partly completed

Seek J/V Partner

Global

upto 25M

Air+Ocean

Strategic

completed

South Africa

Buy

Germany

upto 20M

Freight Forwarding

Strategic

completed

2009

USA

Buy

Germany

upto 25M

Air+Ocean

Strategic

Ongoing

35

2010

Turkey

Sale

Australia

upto 40M

Air+Ocean+ Land

Strategic

Final stage

36

2010

Spain

Sale

Switzerland

upto 30M

Heavylift

Strategic

Final stage

37

2010

Italy

Buy

Australia

upto 25M

Air+Ocean

Strategic

Ongoing

38

2010

S.Korea

Sale

Various

upto 35M

Air+Ocean and SCM

Strategic

Ongoing

39

2010

Spain

Sale

Germany

upto 10M

Heavylift

Strategic

Ongoing

40

2010

Germany

Sale

Germany

upto 14M

NVOCC

Strategic

Ongoing

41

2010

Germany

Sale

various

upto 24M

Air Cargo Handling

Strategic + Financial

Ongoing

42

2010

Turkey

Buy

Australia

upto 30M

Freight Forwarding

Strategic

Ongoing

43

2011

Brazil

Buy

USA

upto 50M

Freight Forwarding

Strategic

Ongoing

44

2011

Global

Buy

Sweden

upto 200M

Freight Forwarding

Financial

Ongoing

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Acquisitions - Mergers - Success Our Mandates By Region

Total Mandates: 44 Total Countries Involved: 23 Africa 9% Latin America 12%

North America 18%

July 2011

Total Completed Transaction Value: €391.2M

Middle East 3% Asia 26%

Success Rate: 85% Europe 32%

Total Ongoing Transaction Value: Est. €545-5747M 15

Our Competencies Manageable, well structured, flexible, and powerful global organization Top notch industry competency with detailed knowledge about the various markets and their specific requirements Unique personal connections and network throughout the world of logistics Proven track record in the field of personnel consulting Personally identifying with our clients’ issues and challenges “Your problem is our problem”

July 2011

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Client Benefits Highly efficient and sound business relations Optimum Cost / Benefit Ratio Pragmatic, realistic, and practical solutions High rate of success with quick result Implementation support

July 2011

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Partners in the Global M+A Team* Helmut Berchtold

San Diego

CIO Schenker USA

22 years

Klaus D. Geissler

Frankfurt

EVP Schenker HQ

32 years

Jürgen John

Hong Kong CEO DHL-Danzas Worldwide

35 years

Jochen Smoktun

Frankfurt

SVP AIR Schenker Germany

34 years

Wolfgang Wanja

Istanbul

MD Denkhaus Logistics

33 years

Pierre Raynal

Paris

CEO France Franz Maas

35 years

COO LOGWIN Road + Rail HQ

20 years

Detlef Kükenshöner Frankfurt

*other partners being involved subject to regional requirements July 2011

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Principle Partners and Management Team

Helmut Berchtold

Klaus D. Geissler

Jochen Smoktun

Detlef Kükenshöner

22 Years Industry Experience

32 Years Industry Experience

34 Years Industry Experience

20 Years Industry Experience

Last Position: CIO Schenker USA

Last Position: EVP Air Freight Schenker HQ

Last Position: SVP Air Freight Schenker Germany

Last Position: COO LOGWIN Road+Rail HQ

July 2011

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YOUR OFFICE - LOCAL AND WORLDWIDE www.adiconsult.com AUSTRALIA – Brisbane Gerald O‘Connell adi Consult Australia Phone: +61 (7) 5514 8963 Cell: +61 (41) 147 7202 [email protected]

AUSTRIA – Vienna Andreas Kmen adi Consult Austria Phone: +43 (664) 434 1993 [email protected]

BRAZIL – Sao Paulo Joachim Kohl Phone: +55 (11) 3744 7570 Cell: +55 (11) 7570 9296 [email protected]

CANADA – Toronto Joerg Hess adi Management Consult Inc. Phone: +1 (647) 505-1146 [email protected]

CHILE – Santiago de Chile Jean-Paul Bonnet adi Consultora Ltda. Phone: +56 (2) 953 6880 Fax: +56 (2) 953 6881 [email protected]

COLOMBIA - Bogota Ernest Matzalik adi Consult c/o Movinest SenC Phone: +57 (1) 6290377 Cell: +57 (317) 431 8804 [email protected]

CZECH REPUBLIC - Prague Ilona Neff adi Consult Czech Republic c/o sfm consult, s.r.o. Phone: +420 (602) 617 184 [email protected]

FINLAND - Helsinki Leena Steidle Anna-Maija Tavas adi Consult c/o SPEDEX OY Cell: Leena +358-50-3804134 Cell: Anna-Maija +358-40-9006445 [email protected] [email protected]

GERMANY - Bremen Helmut Detken adi Consult GmbH Phone: +49 (421) 257 6830 Cell: +49 (151) 184 53845 Fax: +49 (421) 257 6831 [email protected]

GERMANY - Cologne Dietrich W. Bloch adi Consult GmbH Phone: +49 (2234) 948 091 [email protected]

GERMANY - Cologne Walter Böhnke adi Consult GmbH Phone: +49 (221) 866865 Fax: +49 (221) 9862609 Cell: +49 (171) 3228000 [email protected]

GERMANY - Frankfurt Lothar Scherf adi Consult GmbH c/o Hansen & Heptner Phone: +49 (6124) 72 63 31 Fax: +49 (6124) 72 76 186 [email protected]

GERMANY - Frankfurt Ingo Roessler adi Consult GmbH Phone. + 49 (170) 3301724 [email protected]

GERMANY - Freiburg Bernhard Reusch adi Consult GmbH Phone: +49 (7634) 508126 Cell: +49 (160) 9696 9606 [email protected]

FRANCE -Paris Pierre Raynal Cyrille Raynal adi Consult c/o Turnpoint SA Phone: +33 (1) 45 49 43 43 Fax: +33 (1) 45 49 43 60 [email protected] [email protected]

GERMANY - Frankfurt Klaus D. Geissler, Jochen Smoktun Evelyn Annich, Anette Lauck Sabine Fuchs, Detlef Kükenshöner adi Consult GmbH Phone. +49 (6107) 3015-0 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

July 2011

YOUR OFFICE - LOCAL AND WORLDWIDE www.adiconsult.com GERMANY - Hamburg Werner Pinnow adi Consult GmbH Phone. + 49 (40) 8797 229-0 [email protected]

INDIA - Delhi Klaus Meier adi Consult India c/o M & V Services Pvt. Ltd. Phone: +91 (124) 434 2333 [email protected]

NEW ZEALAND - Auckland Reinhold Goeschl adi Consult New Zealand Phone: +64 (9) 476 0994 Cell: +64 (21) 88 5638 [email protected]

July 2011

GERMANY - Münster Georg Wackers adi Consult GmbH Phone: +49 (0) 2532 956 92 39. Cell: +49 (0) 172 825 33 36 Fax: +49 (0) 2532 963 734 [email protected]

GERMANY - Munich Peter Heptner adi Consult GmbH c/o Hansen & Heptner Phone:+49 (8531) 248 9955 Fax: +49 (8531) 248 9956 [email protected]

HOLLAND - Amsterdam Philip Turner adi Consult Holland Phone:+31 (20) 404 3925 Fax: +31 (20) 404 3973 [email protected]

HOLLAND - Rotterdam Helene van den Berghe adi Consult Holland c/o Leerschoon BV Phone: +31 (10) 294 0495 Fax: +31 (10) 294 0496 [email protected]

HONG KONG Jürgen John Liana Sun Andreas Becker adi Consult Hong Kong Ltd. Phone: +852 (2115) 9628 Fax: +852 (2115) 9818 [email protected]

ITALY - Milano Romano Zanolli Marco Zanolli adi Consult Italia c/o Horizon s.r.l. Tel. +39 (049)8077533 Cell Marco: +39 (348) 2568502 Cell Romano +39 (348) 7815128 [email protected]

JAPAN – Tokyo Franz-Hermann Hirlinger Markus Gfeller adi Consult Japan c/o G&S Japan KK. Tel: +81-3-6459-5477 [email protected] [email protected]

REPUBLIC OF KOREA - Seoul Joachim Nowak adi Consult Korea c/o Nowak & Partner Phone: +82 (0)2 701 4707 Fax: +82 (0)2 701 4708 Cell: +82 (0)1 1 9001 [email protected]

RUSSIA – Moscow Alexander Dick adi Consult Russia c/o INTERGEST Russia Phone: +7 (495) 605 33 30 Cell: +7 (916) 681 1304 [email protected]

SOUTH AFRICA - Johannesburg Karl-Heinz Balzer adi Consult South Africa Phone: +27 (0) 11 784 5765 Cell: +27 (0) 82 550 4929 Fax: +27 (0) 11 884 8167 [email protected]

SPAIN - Barcelona Carlos Martinez -Campo adi Consult España c/o Martinez-Campo Atlas S.L. Phone: +34 (93) 2020918 Cell: +34 (669) 456981 [email protected]

GERMANY – Mülheim Klaus Kothmann adi Consult GmbH Phone: +49 (208) 452 3101 Cell: +49 (177) 306 1780 Fax: +49 (721) 151 200 848 [email protected]

YOUR OFFICE - LOCAL AND WORLDWIDE www.adiconsult.com SWITZERLAND - Lugano Norbert Raab adi Consult Representative Office Phone: +41 (91) 970 1204 Cell: +41 (79) 370 1400 [email protected]

SPAIN - Madrid Ernst A. Patzer adi Consult España Phone: +34 (91) 427 0550 Cell: +34 (609) 099 019 [email protected]

SWEDEN – Gothenburg Lennart Björlin adi Consult Sweden c/o SPEDEX OY Cell: +46 (70) 5264379 [email protected]

SWITZERLAND – Basel Axel C. Scherrer adi Consult Suisse c/o ACS GmbH Phone: +41 (61) 411 54 31 Fax: +41 (61) 411 54 41 [email protected]

THAILAND - Bangkok Elmar Lins adi Consult Representative Office South East Asia Phone: +66 (2) 2 259 7036 Cell: +66 (8) 604 79715 [email protected]

TURKEY - Istanbul Wolfgang Wanja Nesrin Benli adi Consult Turkey c/o GLS Consulting Phone: +90 (212) 465 3330 Fax: +90 (212) 465 3302 [email protected] [email protected]

UAE - Dubai Adel Adamo adi Consult FZC Phone:+971 (50) 283 3688 [email protected]

UNITED KINGDOM - London Gerry Burgin adi Consult UK Ltd. Phone:+44 (208) 941-3639 Fax: +44 (208) 979-5552 [email protected]

UNITED KINGDOM - London Chas Dowton Simon Ward adi Consult UK Ltd. c/o First Choice UK Ltd. Phone:+44 (0) 1784-421234 Fax: +44 (0) 1784-421761 [email protected] [email protected]

USA – San Diego Corporate Office USA Helmut Berchtold adi Management Consult Inc. Phone: +1 (877) 234-6468 Cell: +1 (760) 580-6024 Fax: +1 (760) 406-4253 [email protected]

USA – Atlanta Heino Winkler adi Management Consult Inc. Phone: +1 (877) 234-6468 Cell: +1 (678) 520-3549 [email protected]

USA – Houston Jan Hoelterling adi Management Consult Inc. Phone: +1 (877) 234-6468 Cell: +1 (281) 770-8529 [email protected]

USA – Miami Patrick Walsh adi Management Consult Inc. Phone: +1 (877) 234-6468 [email protected]

USA – New York Gabriel du Pas adi Management Consult Inc. Phone:+1 (732) 580-5545 Fax: +1 (732) 431-5590 [email protected]

USA – New York Joseph Bergamo adi Management Consult Inc. Phone: +1 (732) 203-7233 Fax: +1 (732) 203-7050 [email protected]

USA – Phoenix Hendrik Hannemann adi Management Consult Inc. Phone:+1 (623) 465-2773 Fax: +1 (602) 616-2273 [email protected]

July 2011

YOUR OFFICE - LOCAL AND WORLDWIDE www.adiconsult.com USA – Reno Merritt Wiley adi Management Consult Inc. Phone:+1 (775) 636 9160 Cell: +1 (214) 295-7200 Fax: +1 (775) 313-9050 [email protected]

July 2011

USA – Seattle Steve Pass adi Management Consult Inc. Phone: +1 (877) 234-6468 Cell: +1 (206) 605-0076 [email protected]